The IMF
and the World Bank were set up in 1944, just as US capitalism was about
to "win the war", to oversee the global economy in the interests of
the richest people in the richest countries of the world, particularly
the USA.

The
IMF, democratic?

The USA
accounts for 5% of the world's population but has 17% of votes in the
IMF. The largest G7 industrial countries have 45% of IMF votes between
them. Democracy? One person = one vote? Not in the IMF: free market
policies to enslave most people on the planet and to line the pockets
of multinational corporate shareholders is what counts ...

What
is 'Structural Adjustment'?

To qualify
for an IMF or World Bank loan, poor countries must sign up to a "Structural
Adjustment Programme". This means slashing public spending (health,
education, etc.). It means dumping workers' rights, wages and conditions.
It also means opening up sectors to foreign firms and driving local
production our of business. Failure to structurally adjust leads to
cancellation of the loan. Here are some examples of "Structural
Adjustment".

Peru

In 1991,
Peruvians faced the following price increases overnight, thanks to IMF
measures: petrol went up by 3,000%, bread by 1,100% - too bad if you
can't afford it!

Environment

IMF
programmes cause deforestation in indebted nations. Goverments there
try to generate cash to pay off IMF and World Bank loan interests by
deforesting large areas. In 1998, thousands of deaths during Hurricane
Mitch were directly due to mud slides in deforested areas. The IMF also
forces farmers to produce a single crop for export as quickly as possible.
This policy causes more pests and viruses, causing crop failure, causing....
etc., etc. (see Structural Adjustment
Programmes).

Ethiopia,
Tanzania, Zimbabwe

In
Ethiopia debt repayments are four times greater than spending on health.
In
Tanzania, where 40% of the population dies before reaching 35, debt
repayments are six times more than health
spending. In Zimbabwe health spending has fallen by a third with "Structural
Adjustment".

Human
disease and mortality

IMF Structural Adjustment Programmes have led to a rise in infant mortality.
Public hospitals and clinics in sub-Saharan Africa, as well as in parts
of Latin America and Asia, have become breeding grounds for diseases
like cholera, hepatitis and typhoid, which have made a comeback.

IMF
imposed health cuts have ensured that AIDS and HIV infection has ravaged
much of Africa.

Indonesia

After
the 1997 Asian crisis, IMF Structural Adjustment was imposed on Indonesia.
As a result 40 million extra people fell below the poverty line.

The
IMF assessed

IMF
Structural Adjustment Programmes are supposed to lead to economic growth.
Nonsense! According to a UN survey, of 76 nations implementing IMF Structural
Adjustment Programmes, only four (5%) had actually improved their economic
performance - and guess how that is assessed!

The
real IMF

Today the
5 biggest multinationals, controlled by around 40 people, have a bigger
output than the Middle East and Africa combined. These few individuals
make decisions about what is produced in the world, who has jobs, and
who lives and dies in poverty. Multinationals pour huge resources into
ensuring that they decisively influence decisions in the IMF. They organise
bodies like the World Water Council, which campaigns for privatisation
around the world.